re hsbc save together

joe134

TrustyOven wrote: »

I'm completely undecided if I should take the regular saver. It just doesn't seem worth it.

The 6% is 4.8% after basic rate tax.
If you put the maximum amount (£250) per month, it seems to give you about £77 in interest after the 12 months.

The Tesco current account gives you 3% gross, so 2.4% after BR tax. On same max balance (£3000). A quick calculation shows £72 interest after 12 months.

Unless my maths is wrong, what's the point? I'd love to get one but just not sure if worth it.

Advertised rate: 6%   Basic Rate: 4.8%  0.000131% per day.
Month   Input   Current Balance    Interest        With Interest
1       250     250                0.98            250.98
        250     500.98             1.97            502.95
        250     752.95             2.95            755.91
        250     1005.91            3.95            1009.85
        250     1259.85            4.94            1264.79
6       250     1514.79            5.94            1520.73
        250     1770.73            6.94            1777.68
        250     2027.68            7.95            2035.63
        250     2285.63            8.96            2294.59
        250     2544.59            9.98            2554.56
        250     2804.56            11              2815.56
12      250     3065.56            12.02           3077.58
Total  £3000                    1.0259 = 2.59% effective.

Although I just ran the calculations with FV() and it says interest is £66.89. Why is it so different to my calculated table?

Anyone care to check over my maths? I suspect I've made some stupid mistake somewhere.

Yes piker thanks, I have taken advantage of 6 per cent for both of us, seems ok to me, on top of others.:beer: